ShangPharma’s shareholders approve merger agreement
Monday, March 25, 2013
China-based pharmaceutical and biotechnology R&D outsourcing company ShangPharma’s shareholders have voted in favor of merger agreement in which ShangPharma Merger Sub will merge with ShangPharma, with the new entity being a wholly owned subsidiary of ShangPharma Parent.
Of the Company’s ordinary shares entitled to vote at the extraordinary general meeting, approximately 82.6% of such shares were voted in person or by proxy, with approximately 99.9% of those shares voting in favor of the proposal to approve the merger agreement.
Completion of the merger is subject to the satisfaction or waiver of the conditions set forth in the merger agreement. The Company will work with the various other parties to the merger agreement to satisfy all other conditions precedent to the merger set forth in the merger agreement and complete the merger as quickly as possible. If and when completed, the merger would result in the Company becoming a privately held company and its American depository shares, each representing eighteen Company ordinary shares, would no longer be listed on the New York Stock Exchange.